Kind-hearted motorsport fans have raised thousands in just one day for a British driver who lost his legs during a horrific high-speed crash at the weekend.

A JustGiving page was set up for Billy Monger, 17, who had both legs amputated after he crashed into the back of another car during the British Formula 4 Championship at Donington Park on Sunday.

His team manager said he feared the worst after witnessing the terrifying crash which saw Billy trapped in the vehicle for 90 minutes before he was airlifted to hospital.

A target of £260,000 was initially set up but impressive efforts from supporters has seen it surpass the £520,000 mark this afternoon - with donations and public support from F1 megastars Lewis Hamilton and Jenson Button.

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Pictured: Billy Monger, 17, was involved in a high speed crash during a Formula 4 race at Donington Park in Leicester on Sunday

Kind donation: Jenson Button, one of Britain's most successful Formula 1 drivers gave £15,000 to Billy to help with his recovery

Billy Monger, pictured above, was stuck in his vehicle for 90 minutes until he was airlifed to hospital but sadly medics could not save his legs

Shocking footage shows the terrifying moment the Billy crashed into the back of Pasma's car, after it appeared to stop suddenly on the track.

The teenager was stuck in his vehicle for an hour and a half until he could be airlifted to a hospital in Nottingham, but sadly medics could not save his legs.

Speaking to the BBC, Steven Hunter, head of Billy's team JHR Developments, said it had been a 'heart-wrenching' time.

'Huge character': Billy, pictured left, has been described as one of a kind by his teammates

He said Billy, who has been with the team for four years, was a 'huge character' and 'part of this team's racing family'.

'He is an outstanding driver and a big part of what we do here. Yesterday we lined everyone up and just took some time to wish him well.'

'We saw the crash and our fears were as low as they could be, but all credit to the medical staff at the track and at the hospital, they have worked miracles.

'It has been heart-wrenching but from where we were after the crash to where we are now, everything has been in the right direction since.'

Mr Hunter said Billy was now awake and had managed to speak, although his voice was hoarse.

The JustGiving page was set up up by a fellow racer who wanted to to raise £260,000 to help support Billy, whose life will change forever following the loss of his limbs.

Formula 1 megastars Jenson Button and Lewis Hamilton have helped push fundraising efforts even further after giving their support.

Button donated £15,000 and pledged to do what he could for the teenager and asked his millions of followers to help.

While Mercedes driver Hamilton tweeted out to his 4.32million followers: 'I have only just seen the news of this tragic incident.'

He said his thoughts and prayers were with Billy's family.

Billy Monger, 17, lost both his legs from below the knee after a high-speed horror crash during a race at Donington Park in Leicestershire

Campaign: Fellow racer Tom Ingram set up the fundraising page for Billy which has now it has the support of Formula 1 stars Lewis Hamilton and Jenson Button

Support: Formula 1 veteran Jenson Button asked his follows to help raise money for Billy after learning the devastating news

Button, who is making a one-off return to the sport at the Monaco Grand Prix, asked his followers to give Billy their support.

In a touching post to his Instagram page, the 2009 world champion wrote: 'This fellow racer Billy had a big shunt this past weekend at Donnington and sadly Billy has had amputations to both legs.

'This guy needs our help so if you can please donate, I will be doing as much as I can to help this dude out.

'The donations will be used to fund the care, treatments and therapies required by Billy in the immediate future and going forward, helping him to return to a full and active life.'

Pictured: The carnage caused by the horror crash is captured on Billy's in-car camera

Tragic: Lewis Hamilton said his thoughts and prayers were with Billy and his family and tweeted the fundraising campaign to his 4million followers

Fellow racer Tom Ingram set up the fundraising page and described him as an 'extremely talented young driver'.

He writes: 'Well known in Motorsport for being not only an extremely talented young driver but for also being a truly special 17 year old - loved and admired by his team, fellow competitors, supporters and of course his devoted family.

'Billy is a complete one off, a cracking young man with a spark that makes it impossible for anyone not to like him.

'Full of spirit, Billy is one of those people that instantly lights up a room. His positive, plucky outlook on life is not only hugely endearing but also incredibly inspirational and it's phenomenal to see how respected and loved Billy is.

'Having always been a fighter Billy has already overcome big hurdles in his career - struggling for budget Billy has fought his way into top flight Motorsport.

Pictured: Billy speeds around the track as he competes in the F4 race on Sunday - a competition he wanted to be champion of

Pictured: Billy tries to swerve as the track becomes congested moments before the crash

Pictured: The camera picks up the moment tragedy strikes as Billy smashes into the back of Patrik Pasma's car

'However, we now need your kindness and support to help give Billy and his family the best chance to fight these injuries that will affect Billy's life so massively.

'We are in the process of establishing a Trust to receive, hold, manage and expend funds for Billy's benefit. In the meantime you can help start the process by donating online.

'Donations will be used to fund the care, treatments and therapies required by Billy in the immediate future and going forward, helping him to return to a full and active life.'

Billy is known as a 'gifted' racer and referred to himself online as 'Billy The Whizz'.

Pictured: Spectators were forced to watch on in horror as the crash unfolded on Sunday

The teen was stuck in his car for an hour and a half until he could be airlifted to a hospital in Nottingham, but sadly medics could not save his legs. Pictured, the scene at Donington

Pictured: Shocked spectators look on from grounds around the track as Billy is airlifted to hospital

He had enjoyed success during his short career on the track and on his website it said he had been crowned British Champion twice.

He had also won multiple races in the World Karting Championship, Ginetta Junior Championships and 2016 F4 British Championships.

However, the teen explained: 'For 2017 it's my time to become the British F4 Champion'.

'I strive for the win in everything I do. This is the only goal in my mind, to be the best. Ever.'

While his cousin has described the shock crash as Billy's family's 'worst nightmare'.